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Have you been Baffled Regarding Missold PPI4.pptx

Published Apr 5, 2013 in Business & Management
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Presentation Slides & Transcript

Presentation Slides & Transcript

Have you been Baffled Regarding Missold PPI?

Payment protection insurance could be a form of protection offered with lending merchandise like mortgages, loans, catalogue credit purchases, credit cards or store cards. It serves the purpose of protecting payments for one year within the case of accident, illness or unemployment, generally paid either as a one-off fee or as a smaller payment with compensation. Not all PPI is mis-sold; for many it's a valuable kind of insurance which can facilitate protect their loan repayments in unfortunate circumstances. But the mis-selling of PPI was an unethical scandal which affected millions, ensuing in lenders being ordered in 2011 to repay billions of pounds.

How was PPI missold?
The mis-selling of PPI mainly occurred over the past two decades, though some claims are created on PPI sold before the 1990s. Payment protection insurance was mis-sold when:
It was added to a lending product while not the consumer’s information
The patron was misled into believing PPI was not optional, or would help with the approval of a loan, credit card or mortgage
The terms and conditions of the PPI policy were not absolutely explained
The patron was self-employed or unemployed once they were sold the PPI
The buyer was medically exempt from the policy at time of its sale

The mis-sold PPI scandal happened systematically in several high street banks and lenders.
PPI repayments generally see customers receiving 15-30percent of their total loan balance back; a payment often price thousands of pounds for each claim. There are several complex restrictions around creating a mis-sold PPI claim. You will create a claim after the loan has been closed, providing your account has been active among the last six years. You can additionally create a claim on open accounts and accounts which are active or are active at intervals the last six years if your PPI utterly has been paid off. There are also ways that to assert back mis-sold PPI if you do not have the acceptable paperwork evidence, and even if your credit company has since been taken over.

How will I claim back missold PPI
As claiming back mis-sold PPI is a complicated process you ought to enable a professional claims management company to handle your claim. They ought to advise you on whether or not you're entitled to compensation for free, before undergoing the complicated claims process on your behalf for a no-win, no-fee basis.